The deadline for exercise, and for automatic exercise cancellation, of August 2007 U.S. Treasury Bond and Treasury Note futures options is 6:00 p.m. Friday, July 27, 2007.

Chicago Board of Trade regulations regarding exercise and cancellation of automatic exercise allow limited exceptions to these requirements.  Under these regulations, corrections to option exercises, including automatic exercises, may be accepted by the Clearing Services Provider (CME) after the 6:00 p.m. deadline and up to the beginning of final option expiration processing provided that such corrections are necessary due to:

1.         a bona fide clerical error;

2.         an unreconciled Exchange option transaction; or

3.         an extraordinary circumstance where the clearing firm and customer are unable to communicate final option exercise instructions prior to the prescribed deadline. 

The decision whether a correction is acceptable will be made by the President of the Clearing Services Provider, or the President’s designee, and such decision will be final.

UNEXERCISED FUTURES OPTIONS IN ALL OF THE ABOVE-REFERENCED CONTRACTS SHALL EXPIRE AT 7:00 P.M. ON FRIDAY, JULY 27, 2007.